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Growth in global oil, coal demand could stop from 2020

Oil&Gas Materials 2 February 2017 14:58 (UTC +04:00)
Falling costs of electric vehicle and solar technology could halt growth in global demand for oil and coal from 2020.
Growth in global oil, coal demand could stop from 2020

Baku, Azerbaijan, Feb.2

By Leman Zeynalova – Trend:

Falling costs of electric vehicle and solar technology could halt growth in global demand for oil and coal from 2020, said a new report co-authored by the Grantham Institute at Imperial College London and the Carbon Tracker Initiative.


Solar photovoltaic technology (with associated energy storage costs included) could supply 23 percent of global power generation in 2040 and 29 percent by 2050, entirely phasing out coal and leaving natural gas with just a 1 percent market share, according to the report.

“By 2050, electric vehicles (EVs) will account for over two-thirds of the road transport market. This growth trajectory sees EVs displace approximately two million barrels of oil per day (mbd) in 2025 and 25mbd in 2050,” the report said.

The power and road transport sectors account for approximately half of fossil fuel consumption, so growth in solar photovoltaic (PV) and EVs can have a major impact on demand, Carbon Tracker believes.

‘Coal demand could peak in 2020 and fall to half 2012 levels by 2050. Oil demand could be flat from 2020 to 2030 then fall steadily to 2050. Most major oil and gas companies do not expect coal to peak before 2030 and none see peak oil demand occurring before 2040,” said the report.

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